Poverty and inequality reduction has remained less responsive to growth successes across the continent – Pic from www.nubimagazine.com
Business Reporter
African economies have grown substantially over the past decade, but poverty and inequality reduction has remained less responsive to growth successes across the continent, according to the 2015 edition of the African Development Bank Report. The theme of this edition is on “Growth-poverty and inequality nexus: overcoming barriers to sustainable development”.Despite earlier periods of limited growth, African economies have grown substantially over the past decade. However, poverty and inequality reduction has remained less responsive to growth successes across the continent.
With questions such as how does growth affect poverty and inequality and how can Africa overcome contemporary and future sustainable development challenges being asked, the report offers analysis, synthesis and recommendations that are relevant to these questions.
The objective of the report is to guide policy processes by contributing to the debate analysing what has happened during recent years, what has worked well, what hasn’t worked well, and what needs to be done to address further barriers to sustainable development in Africa.
Africa’s recent economic growth has not been accompanied by a real structural transformation. As a result, millions of Africans, especially women and youth, have been left behind.
The report highlights the intermediating role of various forms of inequality that limit the transformation of Africa’s growth into prosperity for all.
Unequal access to economic resources and opportunities is mirrored in the continent’s high income inequality, gender gaps in earnings and opportunities, the rural-urban divide, youth under-employment and in the limited priority given to key poverty-reducing sectors like agriculture, agro-industries, and manufacturing.